Millennials are cutting back on spending in areas like entertainment and dining due to the presidential election; 48% of them are adjusting their budgets because of this uncertainty.
Gregory Daco, chief economist at EY-Parthenon, emphasizes that while consumer spending drives U.S. growth, increased caution among consumers could slow that growth without necessarily leading to a downturn.
Peter Ricchiuti asserts this is the best economic period in sixty years, citing stock market gains and declining inflation, but notes that recent election-related consumer caution is a new phenomenon that merits attention.
Ricchiuti warns against making economic decisions based on misinformation, highlighting that the economic confidence of the middle class is crucial for maintaining overall economic health.
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